Summer has brought the sunshine and a welcome upturn in temperature, but the red hot Port Credit real estate market shows signs of balancing. New listings during Q2 2017 where up in a big way and sale prices increased, but the rate of sales did not keep pace.106 new listings came on the market in Port Credit in Q2 2017 providing 60% more options than the 66 new listings during the same time period in 2016, and 49% more than the 71 new listings in Q1 2017. Year-to-date as of June 30, 2017, 177 new listings had come on the market in Port Credit. An increase of 40% more than the 126 new listings during the same period year-to-date in 2016.
Despite the surge of inventory, the sales to new listings ratio dropped from 55% in Q1 2017, to 41% of new listings in Q2 2017 resulting in a sale. A 30% drop from last year’s feverish spring market of Q2 2016 which saw 71% of new listings lead to a sale. Although the total of 43 sales in Q2 2017 was up by 10% from the 39 sales in Q1 2017, it was down by 8.5% compared to Q2 in 2016, despite having 40% more new listings than last year. Overall for the year to date as of June 30, 2017 the 177 new listings have translated into 82 sales. Only two more than the 80 sales year-to-date for the same period in 2016.Average and median sale prices where up. Thirteen detached and five in-fill semi-detached home sales helped push the average sale price up to $1,124,079 in Port Credit for Q2 of 2017. Thats almost 25% more than the $900,410 average sale price during the same period of 2016, and over 20% higher than the $930,746 average sale price seen in Q1 2017. Year-to-date at June 30, 2017 the average sale price in Port Credit broke the Million dollar mark at $1,027,412.50. Again, up by almost 15% compared to the average sale price of $894,984 for the same period year-to-date at June 30, 2016.
The 18 combined sales of detached and infill semi-detached homes in Q2 2017 also raised the median sale price up to $1,125,000. An increase of over 28% above the median sale price of $875,000 during the same time period in 2016. However, a larger sample size of YTD numbers at June 30, 2017 reveals a more moderate median sale price of $888,000. An increase of 5% over the median sale price of $845,000 for the same time period in 2016.
If you would like a full breakdown of the Port Credit sales activity in Q2 2017 by property type, please contact me and I would be happy to send you a copy.
Happy house hunting!